Bitcoin Reclaims $80,000 as Oil Price Drops Sharply

The Bitcoin price climbed back above $80,000 on Wednesday as US crude oil slid to a three-week low after Democrats won control of Congress. Bitcoin (BTC) traded near $80,700, up about 4.4% in 24 hours as of this writing. West Texas Intermediate (WTI), the US oil benchmark, fell to about $93.54, roughly 12% below last Friday’s $106.2 peak, cutting fuel costs for US drivers and businesses. Why Did Oil Fall So Fast After the Midterms? Democrats held 54 Senate seats and 228 House seats on Wednesday morning, according to an Associated Press tally . Investors hope a Democratic Congress means more US restraint in the eight-month war with Iran , Al-Monitor reported. That war has lifted gas prices and fed US inflation.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to BeInCrypto.